As a reminder to existing Drake employees and a “good to know” to new employees, Drake has two standing committees that help support Drake employee benefits:

The Drake University Investment Review Committee focuses on retirement benefits. It kicked off the academic year on Aug. 23. The committee includes faculty and staff and long-term outside consultants, Well and Good (who recently merged with PlanPilot). One of the hot topics discussed is a new federal law, called the Secure Act 2.0. While some specific aspects of the law, and its implementation timeline, remain in the air, it will likely offer high income earners additional avenues to save for retirement (such as shifting to a Roth IRA for catch-up contributions for those over the age of 50 who earn more than $145,000). As soon as there is more certainty to the “what” and “when” of the Secure Act 2.0 changes, TIAA will partner with Drake University on communications. To learn more about the likely changes this law will make, visit TIAA’s Secure Act 2.0: What You Need to Know page.

The second standing committee is the Drake University Benefits Committee, which is also comprised of faculty and staff and long-time consultants: Mark Becker & Associates (who recently merged with Gallagher). This committee focuses on our self-funded health insurance plan, dental plan, vision plan, flexible spending accounts, life insurance policies, long-term disability insurance, and other related benefits and perks. During this time of year, Drake HR is meeting with our vendors and consultants to anticipate what changes, if any, may be appropriate or needed for the following plan year. Due to our Open Enrollment schedule, by November 1, when Open Enrollment starts, we have to have all decisions for January 1 set in stone. More information to come about the work of the Benefits Committee in the coming months.

If you would like to learn more about Drake’s employee benefits and perks, please visit Drake HR’s new internal website and checkout the pages linked below the Employee Benefits tab! As always, you can reach out to Drake HR with any questions or suggestions that you have. You can best reach us at drakehr@drake.edu.

— Maureen R. De Armond and Marlene Heuertz, Human Resources